Karachi: Bank Alfalah Limited announced the withholding of cash dividends for shareholders lacking a Computerized National Identity Card (CNIC) and International Bank Account Number (IBAN) following its 33rd Annual General Meeting. On March 20, 2025, the bank’s shareholders approved a final cash dividend of Rs. 2.5 per share, equivalent to 25 percent, for the fiscal year ending December 31, 2024.

According to provisions set by the Companies Act, 2017, the dividends are to be directly credited into the bank accounts of entitled shareholders whose details are recorded in the register of members as of March 11, 2025. However, the bank has withheld payments for shareholders without valid CNICs or complete bank account details, including the 24-digit IBAN, as per the Companies (Distribution of Dividends) Regulations, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the bank has already dispatched letters to shareholders missing this essential information. These shareholders are encouraged to provide the required details promptly. Once the information is submitted, the withheld dividend will be electronically released within 15 days.

Shareholders holding shares in electronic form through CDC Participant (Broker/Investor) Account Services or in physical form through the bank’s Share Registrar, F.D. Registrar Services (Pvt.) Ltd, are requested to submit their valid CNIC copies and other required details to ensure seamless processing of dividends.